AllianceBernstein Holding LP
NYSE:AB

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AllianceBernstein Holding LP Logo
AllianceBernstein Holding LP
NYSE:AB
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Price: 38.63 USD 1.68% Market Closed
Market Cap: $3.6B

AllianceBernstein Holding LP
Investor Relations

AllianceBernstein Holding LP engages in the provision of research, investment management, and related services. The company is headquartered in Nashville, Tennessee. The company provides diversified investment management, research, and related services to a range of clients. The company offers Institutional Services to its institutional clients, which include private and public pension plans, foundations and endowments, insurance companies, central banks, and governments worldwide, and affiliates, such as Equitable Holdings, Inc. (EQH) and its subsidiaries. The company offers retail services to its retail clients, primarily by means of retail mutual funds sponsored by the Company or an affiliated company, sub-advisory relationships with mutual funds sponsored by third parties, separately managed account programs sponsored by financial intermediaries worldwide and other investment vehicles. The company offers Private Wealth Management services to its private clients, including high-net-worth individuals and families, trusts and estates, charitable foundations, partnerships, and other entities.

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Last Earnings Call
Fiscal Period
Q4 2025
Call Date
Feb 5, 2026
AI Summary
Q4 2025

Record AUM: AllianceBernstein ended 2025 with a record $867 billion in assets under management, driven by market appreciation and growth across private wealth, insurance clients, and private markets.

Mixed Flows: Despite strong growth in targeted areas, firm-wide active net flows were negative, with $9.4 billion of net outflows for the year and $3.8 billion in the fourth quarter, mainly due to equity and taxable fixed income redemptions.

Margin Expansion: Adjusted operating margin reached 33.7% for 2025, at the high end of the 30%–35% target range, benefiting from expense discipline and operational scale.

Earnings & Distribution: 2025 adjusted earnings per unit were $3.33 (up 2%), and distributions per unit were $3.38 (up 4%).

Private Markets & Equitable Partnership: Private markets AUM hit $82 billion (up 18%), aided by Equitable’s commitments, with further expansion expected as $10 billion+ of new commercial mortgage assets are onboarded by end of 2026.

Guidance & Investments: 2026 guidance includes higher non-compensation expenses for tech investments and commercial mortgage buildout, but initiatives are expected to be accretive to earnings over time.

Performance Fees: 2025 performance fees declined year-over-year but came in above guidance; 2026 performance fee floor is set at $80–$100 million.

Private Wealth Strength: Bernstein Private Wealth posted its fifth straight year of positive net flows, with 7% net new asset growth in Q4 and 6% for the year.

Key Financials
Assets Under Management
$867B
Private Markets AUM
$82B
Bernstein Private Wealth AUM
$156B
SMA Franchise AUM
$62B
Active ETF AUM
$14B
Firm-wide Active Net Flows
-$9.4B
Firm-wide Active Net Flows (Q4)
-$3.8B
Active Equity Outflows (Q4)
$7.6B
Active Equity Outflows (Full Year)
$22.5B
Taxable Fixed Income Outflows (Q4)
$2B
Taxable Fixed Income Outflows (Full Year)
$9.1B
Tax-exempt Franchise Inflows (Q4)
$3.9B
Tax-exempt Franchise Inflows (Full Year)
$11.6B
Alternatives & Multi-Asset Net Inflows (Q4)
$1.9B
Alternatives & Multi-Asset Net Inflows (Full Year)
$10.6B
Adjusted Operating Margin
33.7%
Adjusted Operating Margin (Q4)
34.5%
Adjusted Earnings Per Unit (Full Year 2025)
$3.33
Distribution Per Unit
$3.38
Net Revenues (Q4)
$957M
Net Revenues (Full Year)
$3.5B
Performance Fees (Q4)
$82M
Performance Fees (Full Year)
$172M
Operating Expenses (Q4)
$627M
Operating Expenses (Full Year)
$2.3B
Non-Compensation Operating Expenses (Full Year)
$599M
Compensation Ratio (Q4)
47.7%
Compensation Ratio (Full Year)
48.3%
Firm-wide Fee Rate (Q4)
38.7 bps
Firm-wide Fee Rate (Full Year)
38.9 bps
ABLP Effective Tax Rate (Full Year)
5.9%
Retail Net Outflows (Q4)
$3.5B
Retail Net Outflows (Full Year)
$9.1B
Retail Muni Platform AUM
$56B
Institutional Outflows (Q4)
$1.9B
Institutional Outflows (Full Year)
$4.6B
Institutional Pipeline
$20B
Private Wealth Net New Client Asset Growth (Q4)
7%
Private Wealth Net New Client Asset Growth (Full Year)
6%
Earnings Call Recording
Other Earnings Calls

Management

Mr. Seth Perry Bernstein
CEO & Director
No Bio Available
Mr. Onur Erzan
President
No Bio Available
Mr. Paul Emerson C.F.A.
Senior VP & Chief Compliance Officer
No Bio Available
Mr. John Meyers
Director of Corporate Communications
No Bio Available
Mr. Christopher J. Bricker C.A.I.A., C.F.A., CPA
Head of Corporate Development
No Bio Available
Ms. Cathy Spencer
Senior VP & Chief People Officer
No Bio Available
Mr. Thomas S. Hexner
Executive Vice President and Head of Bernstein Gwm
No Bio Available
Ms. Sharon E. Fay C.F.A.
Chief Responsibility Officer
No Bio Available
Mr. Douglas J. Peebles
Chief Investment Officer of Fixed Income and Executive Vice President
No Bio Available
Mr. Kurt A. Feuerman
Senior VP & Portfolio Manager of U.S Equities
No Bio Available

Contacts

Address
TENNESSEE
Nashville
501 Commerce Street
Contacts
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